And what about incorporating in Gibraltar?

[dotbloup]

Strangely enough, noone talks about Gibraltar. However, there are still offers about Gibraltar. I wonder why it does not attract anyone anymore.
However Gibraltar does not require audit or local secretary. Law is the one from UK. it is not part of the EU vat zone but it is part of EU as long as UK don't use article 5 to step out.
All documents are in English.
It has a territorial taxation, it means that it is easy to bring back dividends to your country because theoretically your company has to pay corporate tax so it can't be considered as tax havens by any tax authority.
There is no public company register.
I think a local secretary is not necessary but i am not sure.
Gibraltar is the place of online gambling and they mention it in their brochure.

So why they aren't more people suggesting Gibraltar as an offshore place?

 

[JohnLocke]

I totally agree with you. Gibraltar is most often overlooked when it comes to offshore corps. I will have to do some more research because I know there is a catch with Gibraltar. I spoke back in 2007 and 2008 with some accountant and they highly recommend not to incorporate there.. but since then I never looked into Gibraltar any longer.

 

[SirTycoon]

What type of business is good to incorporate with Gibraltar? I'm pretty sure it has its own advantage and disadvantage and I want to make sure I'm not looking into other places if its good.

 

[dotbloup]

All the registered agents from Gibraltar ask for a bank reference letter from your own personal bank which breach your willingness to do it anonymously.
It's like you have to go to your personal bank and tell them i want a bank reference letter to incorporate a company in Gibraltar! and please say nothing to the IRS, HMRC...

 

[dotbloup]

I have the answer.

The documents list for due diligence is totally crazy to incorporate a company in Gibraltar. It is not a mistake, the following information is really required by a real registered agent of Gibraltar.

You need to provide your CV, business plan, website, source of wealth, bank reference letter with their own template, certified proof of address copy, certified passport copy, your fiscal number, Employer name and address, or self employed name and address, source of initial capital

I think it is even less complicated to open a bank account in Hong Kong or in the UK.

 

[dotbloup]

They don't accept many businesses like dating or contact websites, time share, travel ageny, gold, P**N, adult content, weapons, health products, gaming, gambling, leasing, financing,

 

[dotbloup]

They also don't accept stone trading, tobacco, wine, spirits, contract soldering, security and riot equipment, technical surveillance, charities, association, ngo. Private educational, web-hosting...

forget it...

A spoiled jurisdiction that does not need to attract customers...

 

[JohnLocke]

It seems they are similar to the BVI in regards to requirements of documents you need to provide. This is all an outcome of the increasing presure from the OECD!

 

[dotbloup]

It seems they are similar to the BVI in regards to requirements of documents you need to provide. This is all an outcome of the increasing presure from the OECD!

Nevertheless, i have been unable to find official information from Gibraltar government on that one. I have found anti money laundering § kyc guidelines from Gibraltar and they say that a face to face meeting should be the best to avoid the hassle.
I think those KYC comes from Registered agents who are scared about legal proceedings and Journalists of panama papers.

The registered agent who will win in the future will be the one who has the smallest amount of bureaucracy.

 

[JohnLocke]

You may be right but with the increasing fraud going on in regards to DD and the activity of some companies there will be a requirement to get more documents on the table. However, on the other hand, there are still agent's don't requiring anything else than a simple passport copy and utility bill.

 

[happyjohn]

Nevertheless, i have been unable to find official information from Gibraltar government on that one. I have found anti money laundering § kyc guidelines from Gibraltar and they say that a face to face meeting should be the best to avoid the hassle.
I think those KYC comes from Registered agents who are scared about legal proceedings and Journalists of panama papers.

The registered agent who will win in the future will be the one who has the smallest amount of bureaucracy.

I have an agent that is able to incorporate a Gibraltar Company with a minimum of DD documents the same goes for Dominica and Seychelles, they are a little more expensive but they get it done.

 

[dotbloup]

FYI, someone i know incorporated a Gibraltar company to act as a billing company. So, the business plan was simple. There were no royalty trick, no interest trick, no investment trick. It was a company that was not meant to be public. It means the said company was not advertised and consequently was really not exposed to legal problems but the registered agent from Gibraltar asked this person to provide all the documentation of the frontend company (an american company)

The gibraltar registered agent asked as much information as he was a Shareholder or something like that. However, 100 hundred percent of the legal responsibility is for the director of the company.

 

[dotbloup]

I must also mention that all Gibraltar banks are investment banks and as i am posting this post, Gibraltar banks are still not interested in start up and many require huge amount of deposit. For instance, jyske bank requires 150,000 euros deposit minimum. For a trading company, a Gibraltar company without a bank is useless because many payment gateways will not accept that you open a merchant account with a bank country different than a company country.

 

[dotbloup]

By the way, i also contacted Happyjohn 2 times through PM and i haven't been able to see whether a Gibraltar agent without a lot of due diligence existed.
I have found 4 registered agents who asked for CV, bank reference letter on top of ID & proof of address.

As i said in my previous post, no banks are interested in small businesses. They don't publish their pricelist. Consequently, when you discover that many banks require hundred of thousand of deposit, then you understand that it is a problem for your paypal account. In fact, in order to withdraw the money from a Gibraltar paypal account, you need a visa or mastercard with a gibraltar address. It sounds very complicated.

In fact, if you have incorporated a Belize company and face some issues with your bank, don't think that it would be easier in Gibraltar.... Belize banks are more accessible than Gibraltar banks.

 

[andreas]

I must also mention that all Gibraltar banks are investment banks and as i am posting this post, Gibraltar banks are still not interested in start up and many require huge amount of deposit. For instance, jyske bank requires 150,000 euros deposit minimum. For a trading company, a Gibraltar company without a bank is useless because many payment gateways will not accept that you open a merchant account with a bank country different than a company country.

Where did you get this from? I have a UK company with Cyprus account using WireCard no problems!

 

[andreas]

In fact, in order to withdraw the money from a Gibraltar paypal account, you need a visa or mastercard with a gibraltar address. It sounds very complicated.

If you need hundred of thousands to open an account in Gibraltar I agree that it is not worth the effort. Otherwise it's not complicated to get this done. All you need is a VPN in Gibraltar.

For other countries you want to start with a VPN in the country of which you consider to register your company here is a great VPN provider Client Area | 24vc

 

[redeye]

I have found 4 registered agents who asked for CV, bank reference letter on top of ID & proof of address.

I think you already mentioned this in another post but it's the agent that requires all the documents not the offshore jurisdiction! I believe it must be possible to find someone that can incorporate a Gibraltar company just with a passport and utility bill.

For the bank account opening there I believe most banks are closed for small business but if you have someone to introduce you they will open the account even just with 100 euro in your pockets.

 

[dotbloup]

For your information, it looks like Gibraltar has accepted to translate in their Law the EU directive 2011/16
This means for now, upon request, the gibraltar authorities may disclose information about a gibraltar company owner who has received dividends to any European country.
Then, there is an amendement dated from 2014 and it is another more serious story. In this case, the country would automatically exchange data about dividend distribution.

 

[JohnSeed]

Then, there is an amendement dated from 2014 and it is another more serious story. In this case, the country would automatically exchange data about dividend distribution

So this has nothing to do with the banking in Gibraltar but even if you only have a company there you get reported? please correct me if I'm wrong.

 

[dotbloup]

So this has nothing to do with the banking in Gibraltar but even if you only have a company there you get reported? please correct me if I'm wrong.

Good question, it is tricky...

Just let me explain, i didn't understand why the European countries didn't blacklisted Gibraltar as tax havens. Now i know

If you have a bank in Gibraltar or somewhere it is the same because in Gibraltar you have to report your balance sheet every year. On your balance sheet, the company has to report the dividends. Since Gibraltar knows the shareholders, they can determine whether someone has received dividends by deduction (if you are the only shareholder it is easy). Then, this information can be passed to a Euro country under directive 2011/16

So, let's imagine you are an Italian, you have a Gibraltar company, you declare your dividends in the balance sheet, after 1 year, bammm they know you earned this money. Some country like Latvia will start exchanging this information starting September 2017 as the time CRS the oecd tax exchange will start.

But now, if there is a nominee director this would be interesting to know it.

Furthermore, just as a reminder, this directive is only applied to countries of the European Union, not anywhere else. like in the places that we talk about here.....